LCNB CORP - FORM 8-K - EX-99.2 - July 21, 2021

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Exhibit 99.2

LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
6/30/2021
6/30/2020
Condensed Income Statement
Interest income
$15,429 $15,535 15,945 15,322 15,957 30,964 32,513 
Interest expense
1,060 1,163 1,432 1,793 1,959 2,223 4,337 
Net interest income
14,369 14,372 14,513 13,529 13,998 28,741 28,176 
Provision (credit) for loan losses
(15)(52)(151)976 16 (67)1,189 
Net interest income after provision (credit)
14,384 14,424 14,664 12,553 13,982 28,808 26,987 
Non-interest income
4,314 3,465 4,305 4,278 3,319 7,779 7,158 
Non-interest expense
12,208 11,492 11,944 11,653 11,116 23,700 22,188 
Income before income taxes
6,490 6,397 7,025 5,178 6,185 12,887 11,957 
Provision for income taxes
1,200 1,157 1,283 928 1,128 2,357 1,874 
Net income
$5,290 $5,240 5,742 4,250 5,057 10,530 10,083 
Amort/Accret income on acquired loans
$216 $249 186 181 294 465 961 
Amort/Accret expenses on acquired interest-bearing liabilities
$— $— 1 — 2 — 4 
Tax-equivalent net interest income
$14,427 $14,432 14,577 13,594 14,066 28,858 28,319 
Per Share Data
Dividends per share
$0.19 $0.19 0.19 0.18 0.18 0.38 0.36 
Basic earnings per common share
$0.41 $0.41 0.44 0.33 0.39 0.82 0.78 
Diluted earnings per common share
$0.41 $0.41 0.44 0.33 0.39 0.82 0.78 
Book value per share
$18.99 $18.66 18.73 18.46 18.27 18.99 18.27 
Tangible book value per share
$14.15 $13.87 13.93 13.66 13.47 14.15 13.47 
Weighted average common shares outstanding:
Basic
12,743,726 12,794,824 12,852,614 12,937,865 12,940,975 12,769,131 12,933,528 
Diluted
12,743,726 12,794,852 12,852,657 12,937,901 12,941,001 12,769,146 12,934,158 
Shares outstanding at period end
12,634,845 12,820,108 12,858,325 12,926,686 12,975,879 12,634,845 12,975,879 
Selected Financial Ratios
Return on average assets
1.15 %1.20 %1.31 %0.97 %1.19 %1.17 %1.21 %
Return on average equity
8.78 %8.80 %9.52 %7.08 %8.63 %8.79 %8.69 %
Return on average tangible equity11.76 %11.81 %12.83 %9.56 %11.74 %11.79 %11.92 %
Dividend payout ratio
46.34 %46.34 %43.18 %54.55 %46.15 %46.34 %46.15 %
Net interest margin (tax equivalent)
3.51 %3.68 %3.71 %3.47 %3.70 %3.57 %3.81 %
Efficiency ratio (tax equivalent)
65.14 %64.21 %63.26 %65.20 %63.94 %64.69 %62.54 %
Selected Balance Sheet Items
Cash and cash equivalents
$22,909 $41,144 31,730 24,485 42,736 
Debt and equity securities
349,199 276,774 248,624 199,044 194,883 
Loans:
Commercial and industrial
$97,240 $107,630 100,254 124,628 125,492 
Commercial, secured by real estate
836,085 855,894 843,230 843,943 833,286 
Residential real estate
341,447 328,265 309,692 327,689 334,349 
Consumer
35,257 35,799 36,917 36,504 32,859 
  Agricultural
8,765 8,698 10,100 8,920 11,071 
Other, including deposit overdrafts
369 346 363 403 283 
Deferred net origination fees
(1,398)(1,531)(1,135)(1,927)(1,902)                                                               
  Loans, gross
1,317,765 1,335,101 1,299,421 1,340,160 1,335,438 
Less allowance for loan losses
5,652 5,679 5,728 5,974 5,016 
  Loans, net
$1,312,113 $1,329,422 1,293,693 1,334,186 1,330,422 
Total earning assets
$1,671,462 $1,634,818 1,562,392 1,547,538 1,554,537 
Total assets
1,856,670 1,818,321 1,745,884 1,725,615 1,735,332 


Three Months Ended
Six Months Ended
6/30/20213/31/202112/31/20209/30/20206/30/20206/30/20216/30/2020
Selected Balance Sheet Items, continued
Total deposits
1,577,345 1,537,116 1,455,423 1,430,394 1,438,921 
Short-term borrowings
— — — — — 
Long-term debt
15,000 17,000 22,000 31,999 33,998 
Total shareholders’ equity
239,952 239,246 240,825 238,585 237,047 
Equity to assets ratio
12.92 %13.16 %13.79 %13.83 %13.66 %
Loans to deposits ratio
83.54 %86.86 %89.28 %93.69 %92.81 %
Tangible common equity (TCE)
$178,771 $177,805 179,127 176,624 174,823 
Tangible common assets (TCA)
1,795,489 1,756,880 1,684,186 1,663,654 1,673,108 
TCE/TCA
9.96 %10.12 %10.64 %10.62 %10.45 %
Selected Average Balance Sheet Items
Cash and cash equivalents
$45,414 $37,269 49,273 42,661 46,292 41,385 35,712 
Debt and equity securities
312,596 260,147 218,816 197,788 182,371 286,517 193,642 
Loans
$1,328,760 $1,313,803 1,313,892 1,339,608 1,318,753 1,321,323 1,285,654 
Less allowance for loan losses
5,678 5,715 5,920 5,250 4,998 5,696 4,468 
Net loans
$1,323,082 $1,308,088 1,307,972 1,334,358 1,313,755 1,315,627 1,281,186 
Total earning assets
$1,666,126 $1,589,582 1,561,392 1,558,886 1,528,610 1,628,066 1,495,779 
Total assets
1,852,035 1,775,154 1,742,947 1,741,998 1,704,303 1,813,888 1,671,394 
Total deposits
1,570,070 1,488,156 1,447,217 1,445,573 1,412,082 1,529,339 1,379,426 
Short-term borrowings
716 342 — — 82 530 749 
Long-term debt
15,571 19,689 30,803 33,020 34,964 17,619 36,644 
Total shareholders’ equity
241,651 241,517 239,881 238,990 235,587 241,585 233,322 
Equity to assets ratio
13.05 %13.61 %13.76 %13.72 %13.82 %13.32 %13.96 %
Loans to deposits ratio
84.63 %88.28 %90.79 %92.67 %93.39 %86.40 %93.20 %
Asset Quality
Net charge-offs (recoveries)
$12 $(3)95 18 8 9 218 
Other real estate owned
— — — — — — — 
Non-accrual loans
3,338 3,365 3,718 4,110 3,876 3,338 3,876 
Loans past due 90 days or more and still accruing
— — — 94 38 — 38 
Total nonperforming loans
$3,338 $3,365 3,718 4,204 3,914 3,338 3,914 
Net charge-offs to average loans
0.00 %0.00 %0.03 %0.01 %0.00 %0.00 %0.03 %
Allowance for loan losses to total loans
0.43 %0.43 %0.44 %0.45 %0.38 %0.43 %0.38 %
Nonperforming loans to total loans
0.25 %0.25 %0.29 %0.31 %0.29 %0.25 %0.29 %
Nonperforming assets to total assets
0.18 %0.19 %0.21 %0.24 %0.23 %0.18 %0.23 %
Assets Under Management
LCNB Corp. total assets
$1,856,670 $1,818,321 1,745,884 1,725,615 1,735,332 
Trust and investments (fair value)
701,838 673,742 628,414 524,502 516,076 
Mortgage loans serviced
126,924 127,290 137,188 120,546 100,189 
Cash management
80,177 118,494 116,792 119,520 116,615 
Brokerage accounts (fair value)
314,491 299,355 292,953 267,307 255,276 
Total assets managed
$3,080,100 $3,037,202 2,921,231 2,757,490 2,723,488 


LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)
June 30, 2021 (Unaudited)
December 31, 2020
ASSETS:
Cash and due from banks$18,411 17,383 
Interest-bearing demand deposits4,498 14,347 
Total cash and cash equivalents22,909 31,730 
Investment securities:
Equity securities with a readily determinable fair value, at fair value2,488 2,389 
Equity securities without a readily determinable fair value, at cost2,099 2,099 
Debt securities, available-for-sale, at fair value310,515 209,471 
Debt securities, held-to-maturity, at cost24,242 24,810 
Federal Reserve Bank stock, at cost4,652 4,652 
Federal Home Loan Bank stock, at cost5,203 5,203 
Loans, net1,312,113 1,293,693 
Premises and equipment, net35,356 35,376 
Operating leases right of use asset6,730 6,274 
Goodwill59,221 59,221 
Core deposit and other intangibles2,853 3,453 
Bank owned life insurance42,685 42,149 
Interest receivable8,3958,337 
Other assets17,209 17,027 
TOTAL ASSETS$1,856,670 1,745,884 
LIABILITIES:  
Deposits:  
Noninterest-bearing$472,830 455,073 
Interest-bearing1,104,515 1,000,350 
Total deposits1,577,345 1,455,423 
Long-term debt15,000 22,000 
Operating lease liabilities6,846 6,371 
Accrued interest and other liabilities17,527 21,265 
TOTAL LIABILITIES1,616,718 1,505,059 
COMMITMENTS AND CONTINGENT LIABILITIES— — 
SHAREHOLDERS' EQUITY:  
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding
— — 
Common shares –no par value, authorized 19,000,000 shares; issued 14,201,728 and 14,163,904 shares at June 30, 2021 and December 31, 2020, respectively; outstanding 12,634,845 and 12,858,325 shares at June 30, 2021 and December 31, 2020, respectively
142,791 142,443 
Retained earnings120,720 115,058 
Treasury shares at cost, 1,566,883 and 1,305,579 shares at June 30, 2021 and December 31, 2020, respectively
(25,122)(20,719)
Accumulated other comprehensive income, net of taxes1,563 4,043 
TOTAL SHAREHOLDERS' EQUITY239,952 240,825 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,856,670 1,745,884 




LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended 
June 30,
 2021202020212020
INTEREST INCOME:
Interest and fees on loans$14,108 14,822 28,643 30,049 
Dividends on equity securities with a readily determinable fair value13 13 26 27 
Dividends on equity securities without a readily determinable fair value5 12 11 28 
Interest on debt securities, taxable905 667 1,623 1,617 
Interest on debt securities, non-taxable218 254 442 539 
Other investments180 189 219 253 
TOTAL INTEREST INCOME15,429 15,957 30,964 32,513 
INTEREST EXPENSE:    
Interest on deposits945 1,732 1,973 3,849 
Interest on short-term borrowings1 — 2 7 
Interest on long-term debt114 227 248 481 
TOTAL INTEREST EXPENSE1,060 1,959 2,223 4,337 
NET INTEREST INCOME14,369 13,998 28,741 28,176 
PROVISION (CREDIT) FOR LOAN LOSSES(15)16 (67)1,189 
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES14,384 13,982 28,808 26,987 
NON-INTEREST INCOME:    
Fiduciary income1,735 1,201 3,264 2,304 
Service charges and fees on deposit accounts1,519 1,237 2,885 2,532 
Net gains on sales of debt securities, available-for-sale— — — 221 
Bank owned life insurance income269 287 536 888 
Gains from sales of loans151 317 194 437 
Other operating income640 277 900 776 
TOTAL NON-INTEREST INCOME4,314 3,319 7,779 7,158 
NON-INTEREST EXPENSE:    
Salaries and employee benefits7,111 6,648 13,544 13,416 
Equipment expenses443 289 811 576 
Occupancy expense, net729 723 1,523 1,405 
State financial institutions tax437 420 881 856 
Marketing357 258 625 435 
Amortization of intangibles260 260 517 520 
FDIC insurance premiums, net123 31 236 30 
Contracted services623 475 1,163 877 
Other non-interest expense2,125 2,012 4,400 4,073 
TOTAL NON-INTEREST EXPENSE12,208 11,116 23,700 22,188 
INCOME BEFORE INCOME TAXES6,490 6,185 12,887 11,957 
PROVISION FOR INCOME TAXES1,200 1,128 2,357 1,874 
NET INCOME$5,290 5,057 10,530 10,083 
Dividends declared per common share$0.19 0.18 0.38 0.36 
Earnings per common share:
Basic0.41 0.39 0.82 0.78 
Diluted0.41 0.39 0.82 0.78 
Weighted average common shares outstanding:
Basic12,743,726 12,940,975 12,769,131 12,933,528 
Diluted12,743,726 12,941,001 12,769,146 12,934,158 


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